When Is Form 5500 Due With Extension?

Form 5500 serves as an annual reporting requirement for employee benefit plans, such as 401(k)s, 403(b)s, and pension plans. This document provides information about the plan’s financial condition, investments, and operations to the Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC). Timely filing of Form 5500 is important for compliance with federal regulations and helps maintain the plan’s tax-qualified status.

Original Filing Deadlines for Form 5500

The standard due date for filing Form 5500 is the last day of the seventh month following the end of the plan year. For instance, a calendar year plan, ending on December 31, would have an original filing deadline of July 31 of the following year. This deadline applies unless the plan year is a short plan year, which occurs when a plan changes its plan year or is terminated. In such cases, the due date adjusts to the last day of the seventh month after the short plan year ends.

Requesting an Extension for Form 5500

If a plan administrator requires additional time to prepare and file Form 5500, an extension can be requested using Form 5558, Application for Extension of Time to File Certain Employee Plan Returns. This form must be submitted by the original due date of the Form 5500. Filing a complete and accurate Form 5558 automatically grants a 2.5-month extension, providing additional time without needing specific approval.

To complete Form 5558, filers need to provide identifying information such as the plan sponsor’s name, employer identification number (EIN), and the plan number. The form also requires specifying the plan year for which the extension is requested. The form can be mailed to the IRS address specified in the form’s instructions. It is important to retain proof of timely mailing, such as a certificate of mailing or a postmark.

Extended Filing Deadlines and Consequences of Non-Compliance

After a Form 5558 extension is granted, the new due date for Form 5500 becomes 2.5 months after the original deadline. For a calendar year plan, which originally had a July 31 due date, the extended deadline would be October 15 of the same year. This extended deadline is the final opportunity to file the Form 5500 without incurring penalties.

Failing to file Form 5500 by the extended deadline can lead to significant penalties imposed by federal agencies, including the Department of Labor and the IRS. The DOL may assess civil penalties that can amount to several hundred dollars per day until the filing is complete. The IRS can impose penalties for late or incomplete filings, potentially affecting the plan’s tax-qualified status. These consequences underscore the importance of submitting Form 5500 by the final extended due date.